IMACEC

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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

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October 2024’s monthly index of economic activity, Imacec

According to preliminary information, in October 2024 the Imacec grew 2.3% compared with the same month a year before (Table 1). The deseasonalized series rose 0.4% with respect to the previous month and 1.7% in twelve months. The month came with two working days more than October 2023.

The Imacec result was explained by growth in its every component, most notably services and trade (Figure 1). In seasonally adjusted terms, the Imacec increase reflected the performance of services (Figure 2).

The non-mining Imacec posted annual growth of 2.3%, while in deseasonalized terms it rose 0,4% with respect to the month before.

Imacec analysis by activity

1. Goods production

The production of goods grew 1.7% in annual terms, explained by mining and the manufacturing industry. In mining, the increase in copper ore extraction stood out. In manufacturing, worth noting was the production of food and metal products. The other goods category grew 0.3%.

In seasonally adjusted terms, the production of goods posted a contraction of 0.5% with respect to the previous month, explained by all of its components.

2. Trade

Commercial activity showed an increase of 6.2% in annual terms. All its components posted positive results, where worth noting was the contribution of wholesale and retail trade. The former was driven by machinery sales and the latter by online sales through sales platforms, grocery stores and specialized clothing establishments. The result of automotive trade was explained by increased sales of vehicles.

The seasonalized figures posted a contraction of 0.3% with respect to the month before, mainly influenced by wholesale trade.

3. Services

Services increased 2.2% in annual terms, driven by personal services, particularly health care and education. To a lesser extent, the performance of transportation also contributed.

Seasonally adjusted figures grew 0.9% compared to the previous month, mainly due to entrepreneurial services.